Is it shocking that Silicon Valley Bank has collapsed? Not really, I guess. Was it alarming that ideologically blinded Republicans and Trump deregulated the bank? Yes, especially after banking deregulation was a major contributor to the financial collapse of 2008.
“Critics have focused on a list of Republican senators who voted to reduce regulatory oversight on Silicon Valley Bank in 2018. Howard Forman, a professor at Yale, shared the list which includes names like Senators Marco Rubio, Lindsey Graham, Rand Paul, and Mitch McConnell, as well as a few Democrats, including Senators Joe Manchin and Tim Kaine.”
And, I guess this bank was entangled in crypto currency? I have long distrusted crypto as a ponzi scam as well as a climate destroying energy suck.
It seems to me that deregulation does not spur the economy or jobs or growth, But rather endangers us all to greed and corruption of those who do not want what they are doing to be seen.
I hope that this bank collapse is contained and the damage minimal.
